Strategic agreement wins Bravura Solutions a major stake in global life insurance application market - Contract signed with New York Life International

02 May 2007 Strategic agreement wins Bravura Solutions a major stake in global life insurance application market - Contract signed with New York Life International

Sydney, 2 May 2007 (ASX: BVA) – Bravura Solutions (Bravura) - a leading supplier of financial industry application software and services - today announced it has been selected to implement its Talisman suite of application software in several countries within the Asian operations of New York Life International (NYLI). NYLI is the largest mutual life insurance company in the United States, and one of the largest in the world. The contract worth in excess of US$10 million was signed today.

Following the recent Letter of Engagement signed on 9 February earlier this year, Bravura opened a full time office in Southeast Asia to serve NYLI and other financial institutions in the region. In addition, the company has fully resourced teams in Thailand and New Zealand to support the project. This consolidates Bravura’s position as a major solutions provider in the life sector and significantly strengthens Bravura’s growing presence in the Asian market.

“The contract with NYLI will substantially strengthen our strategic growth in the life insurance market,” said Mr Simon Woodfull, Bravura’s chief executive and director global operations. “Although we were up against other world-leading insurance software providers, it was the rich functionality and strong operational fit to NYLI’s business requirements that enabled Bravura’s leading Talisman application to prevail.”

Mr Alan Royal, NYLI’s chief operating officer – Asia region said: “We chose Bravura because of its ability to provide a cost-effective, efficient and innovative solution that best met our business needs.”

NYLI’s initial implementations are expected to be completed within 11 and 14 months, with the intention to agree further contracts to roll-out Talisman in more of NYLI’s operations within a subsequent 12 months.

By replacing the current software in several Asian countries with Bravura’s Talisman application, NYLI will establish a standardised Asian regional base application to support its life insurance products and processes.

Mr Woodfull said: “Our TalisLife and eTalis solutions are flexible, scalable applications specifically designed for the administration of life insurance products. They represent a modern architecture with features such as built-in work flow, multi-currency, straight-through processing, and internet access for agents and policy holders. This will ultimately increase NYLI’s operational efficiency, saving end-users both time and money.”